Co-operatives National Law (Queensland)
sec.356Application for charitable purposes or approved activities
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sec.356 Application for charitable purposes or approved activities
A co-operative may apply a part of the surplus arising in a year from the business of the co-operative for any charitable purpose. A distributing co-operative may apply a part of the surplus arising in a year from the business of the co-operative for supporting an activity approved by the co-operative. The rules of a co-operative must limit the amount that may be applied under subsection (1) or (2) to a stated proportion of the surplus. (sec.356-ssec.1) A co-operative may apply a part of the surplus arising in a year from the business of the co-operative for any charitable purpose. (sec.356-ssec.2) A distributing co-operative may apply a part of the surplus arising in a year from the business of the co-operative for supporting an activity approved by the co-operative. (sec.356-ssec.3) The rules of a co-operative must limit the amount that may be applied under subsection (1) or (2) to a stated proportion of the surplus.